Economic Calendar Analysis
During the week there are no scheduled major events, which might impact the currency rate.
EUR/USD hourly chart
A move above the 1.0762/1.0766 range, which captures Tuesday's reversal zone, might encounter resistance in the 1.0800 mark and the 100-hour simple moving average. Higher above, note the 200-hour SMA and the 1.0850 level.However, a potential resumption of the Euro's decline against the US Dollar might look for support in the 50-hour SMA, the weekly S1 at 1.0713 and the 1.0700 mark. Afterwards, the Tuesday's low might act as support at 1.0670/1.0680.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the channel down pattern, which guided it up since October. In addition, the pair has reached below the support zone near 1.0700 and the 50-day simple moving average. However, for a broader decline to occur, the EUR/USD has to clearly break off the 1.0700 mark.Daily chart
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Traders are neutral
On Wednesday, trader open positions were neutral, as 51% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the Euro against the USD.
On Tuesday, open positions were only 53% short and pending orders were 54% to buy.